Saturday 25 March 2017

Inheritance tax hitting families hard and needs a big shake-up

FOR SALE: Children who inherit the family home could be hit with a huge tax bill, forcing them to sell the property
FOR SALE: Children who inherit the family home could be hit with a huge tax bill, forcing them to sell the property
Charlie Weston

Charlie Weston

This country has one of the highest inheritance taxes in the world. The rate charged on gifts and inheritances has shot up by 65pc during the austerity years.

Many parents are finding out that this means it is difficult to pass on their properties to their children without lumbering them with a big bill.

This is because the thresholds where the tax applies are so low, and the rate of the tax is so high. The rate of capital acquisitions tax has risen from 20pc in 2008 to 33pc now.

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